Here's the latest report on the success of the Obama Stimulus for Home Loans. Please...if you were one of the 170,000 who got this awesome loan mod, call me....almost everyone I have spoken with said they bombed out with the bank and the whole deal is a lot of crap!
Making Home Affordable ProgramServicer Performance Report Through February 2010
Report Highlights
Number of Permanent Modifications Increases 45%
•
More than 170,000 permanent modifications have been granted to homeowners, who are guaranteed lower payments for five years.
•
An additional 91,800 permanent modifications have been approved by servicers and are pending borrower acceptance.
Over One Million Borrowers in Active Trial and Permanent Modifications
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More than 1.3 million homeowners have received offers for trial modifications, representing 34-45% toward the goal of 3-4 million offers extended through 2012.
•
More than 72,000 new trial modifications started in February; borrower savings begin with the first trial payment. Nearly 1.1 million trial modifications have begun under the program.
•
Of the 1 million borrowers in active modifications, more than 168,000 borrowers are in active permanent modifications.
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These homeowners’ lower monthly mortgage payments represent a cumulative savings of over $2.7 billion.
•
Of modifications that have converted to permanent, 0.9% have been canceled. Of all modifications started, 8.2% have been canceled.
Borrowers in Permanent Modifications Experience Real, Long-Term Savings in Monthly Housing Expenses
•
Borrowers in permanent modifications are saving a median of 36% of their before-modification payment; median savings is more than $500 each month.
•
Qualified homeowners could reduce housing-related expenses from almost half of their gross income to less than one-third of their income.
•
Upon completing one year of on-time payments per program guidelines, borrowers are eligible to earn up to $1,000 to be applied to their outstanding mortgage balance.
HAMP Is One Piece of the Administration Initiatives to Promote Housing and Financial Stability
Overview of Administration Housing Stability Initiatives
Initiatives to Support Access to Affordable Mortgage Credit and Housing
Initiatives to Prevent Avoidable Foreclosures and Stabilize Neighborhoods
2
Lower Mortgage Rates and Access to Credit:
•
Continued financial support to maintain affordable mortgage rates through the Government Sponsored Enterprises (GSEs)
•
Interest rates remain near historic lows. Every 1% reduction in interest rate saves a new borrower a median of $1,500 annually in mortgage payments.
•
Access to sustainable mortgages through the Federal Housing Administration (FHA).
State and Local Housing Initiatives:
•
Access for Housing Finance Agencies to provide mortgages to first-time homebuyers, refinance opportunities for at-risk borrowers, and affordable rental housing. Over 90 HFAs across 45 states are participating.
Tax Credits for Housing:
•
Homebuyer credit to help hundreds of thousands of American families buy new homes.
•
Low-Income Housing Tax Credit (LIHTC) programs to support affordable rental housing, with total funding of $5 billion.
Making Home Affordable –Modifications:
•
Goal of offering 3-4 million homeowners lower mortgage payments through a modification through 2012.
•
Nearly 1.1 million homeowners have started trial modifications and over 1.3 million offers for trial modifications have been extended to borrowers.
•
Homeowners in permanent modifications are saving a median of over $500 per month on mortgage payments. In aggregate, homeowners have saved over $2.7 billion through trial and permanent modifications.
Refinancing:
•
Refinancing flexibility and low mortgage rates have allowed over 4 million borrowers with GSE mortgages to refinance, saving an estimated $150 per month on average and more than $6.8 billion in the first year.
Neighborhood Stabilization and Community Development Programs:
•
Over $5 billion in Recovery Act support for the hardest hit communities to help stabilize neighborhoods.
•
$1.5 billion HFA Innovation Fund for the Hardest Hit Housing Markets to support innovative, locally focused foreclosure prevention efforts.
Report Highlights
Number of Permanent Modifications Increases 45%
•
More than 170,000 permanent modifications have been granted to homeowners, who are guaranteed lower payments for five years.
•
An additional 91,800 permanent modifications have been approved by servicers and are pending borrower acceptance.
Over One Million Borrowers in Active Trial and Permanent Modifications
•
More than 1.3 million homeowners have received offers for trial modifications, representing 34-45% toward the goal of 3-4 million offers extended through 2012.
•
More than 72,000 new trial modifications started in February; borrower savings begin with the first trial payment. Nearly 1.1 million trial modifications have begun under the program.
•
Of the 1 million borrowers in active modifications, more than 168,000 borrowers are in active permanent modifications.
•
These homeowners’ lower monthly mortgage payments represent a cumulative savings of over $2.7 billion.
•
Of modifications that have converted to permanent, 0.9% have been canceled. Of all modifications started, 8.2% have been canceled.
Borrowers in Permanent Modifications Experience Real, Long-Term Savings in Monthly Housing Expenses
•
Borrowers in permanent modifications are saving a median of 36% of their before-modification payment; median savings is more than $500 each month.
•
Qualified homeowners could reduce housing-related expenses from almost half of their gross income to less than one-third of their income.
•
Upon completing one year of on-time payments per program guidelines, borrowers are eligible to earn up to $1,000 to be applied to their outstanding mortgage balance.
HAMP Is One Piece of the Administration Initiatives to Promote Housing and Financial Stability
Overview of Administration Housing Stability Initiatives
Initiatives to Support Access to Affordable Mortgage Credit and Housing
Initiatives to Prevent Avoidable Foreclosures and Stabilize Neighborhoods
2
Lower Mortgage Rates and Access to Credit:
•
Continued financial support to maintain affordable mortgage rates through the Government Sponsored Enterprises (GSEs)
•
Interest rates remain near historic lows. Every 1% reduction in interest rate saves a new borrower a median of $1,500 annually in mortgage payments.
•
Access to sustainable mortgages through the Federal Housing Administration (FHA).
State and Local Housing Initiatives:
•
Access for Housing Finance Agencies to provide mortgages to first-time homebuyers, refinance opportunities for at-risk borrowers, and affordable rental housing. Over 90 HFAs across 45 states are participating.
Tax Credits for Housing:
•
Homebuyer credit to help hundreds of thousands of American families buy new homes.
•
Low-Income Housing Tax Credit (LIHTC) programs to support affordable rental housing, with total funding of $5 billion.
Making Home Affordable –Modifications:
•
Goal of offering 3-4 million homeowners lower mortgage payments through a modification through 2012.
•
Nearly 1.1 million homeowners have started trial modifications and over 1.3 million offers for trial modifications have been extended to borrowers.
•
Homeowners in permanent modifications are saving a median of over $500 per month on mortgage payments. In aggregate, homeowners have saved over $2.7 billion through trial and permanent modifications.
Refinancing:
•
Refinancing flexibility and low mortgage rates have allowed over 4 million borrowers with GSE mortgages to refinance, saving an estimated $150 per month on average and more than $6.8 billion in the first year.
Neighborhood Stabilization and Community Development Programs:
•
Over $5 billion in Recovery Act support for the hardest hit communities to help stabilize neighborhoods.
•
$1.5 billion HFA Innovation Fund for the Hardest Hit Housing Markets to support innovative, locally focused foreclosure prevention efforts.
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